Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Texas > Austin
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 06-01-2007, 09:31 PM
 
14 posts, read 57,977 times
Reputation: 14

Advertisements

Any thoughts or opinions on Bank of America's Mortgage Plus loan? They say no PMI and no closing although they'll take 1.4 points off the loan amount. Is this too good to be true?
Reply With Quote Quick reply to this message

 
Old 06-02-2007, 12:02 AM
 
Location: WA
5,641 posts, read 24,955,595 times
Reputation: 6574
Quote:
Originally Posted by austin_c0wboy View Post
Any thoughts or opinions on Bank of America's Mortgage Plus loan? They say no PMI and no closing although they'll take 1.4 points off the loan amount. Is this too good to be true?
Many in the industry say it is a loss leader for BOA. Some limitations Bank of America includes in the fine print:

You can't apply unless you already have an account with the bank, even if it involves minimal deposits.

State and local transfer taxes, property taxes, and other government levies are not covered by the no-fee guarantee. Nor are prepaid interest or discount points, hazard or flood insurance and homeowner association fees.

The program is solely for home purchases -- primary or second properties. No refinancers allowed.

BOA is one of the most profitable financial institutions in the world and they did not get that way by giving away fees so I remain suspicious.
Reply With Quote Quick reply to this message
 
Old 06-02-2007, 12:38 AM
 
Location: Los angeles, Ca.
37 posts, read 226,061 times
Reputation: 27
i spoke with b of a to get the rate because the mortgage sounded ineresting but the rate was almost a full point higher than everywhere else because of the built in pmi
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Texas > Austin
View detailed profiles of:

All times are GMT -6. The time now is 01:45 PM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top